Prospr by Sun Life is a type of life insurance. Often compared to the likes of MPP, Prospr has a lot of benefits that go beyond the traditional offerings.
Join the Lendesk for Prospr Program - your one stop shop for all Prospr. This will provide you all the info you need about Prospr and how to offer it to your clients - info on training sessions, overview sheets, FAQs and even scripts on how to talk to your clients about Prospr.
$ The Prospr referral bonus
By referring your clients to Prospr, you can earn $850 while helping protect your clients and the ones they love.
You can however earn more! If you refer both a borrower and a co-borrower and they both get a policy you can get paid for BOTH. You could earn $1,700 per application!
Why Prospr?
Better protection and more flexibility for your clients: you can feel great about recommending Prospr to your clients.
More money in your pocket: the opportunity to earn $850 on referral bonus.
High conversion rates: Prospr's pilot saw a 30% conversion rate from referral to sold.
Less work: you only need to refer clients, no need to sell them
Automation: Consent and compliance is automated for you in Finmo
Steps to start submitting leads to Prospr
Step 1 – Contract: You or your brokerage must sign a contract with Sun Life.
Step 2 – Consent: You'll need to have third party consent to refer a lead to Prospr. If you gather consent through Finmo, this is covered for you.
NOTE: Text will be automatically added to your online Client Consent on Finmo in order to gain consent to share your borrower's contact information with a third party.
How to send leads in Finmo
After you submitted a deal in Finmo:
1. Go to Compliance > Insurance
2. Check the borrowers you want to refer and select the Referral Agent from the dropdown menu
You can choose to refer individual borrower on a deal or all of them by unchecking the checkbox beside their name.
3. Click on the green button “Refer borrower(s) to Prospr”
4. Confirm that you have consent to share your clients details.
Pro tip! Once you click the “refer” button, your compliance docs will be auto-generated and ready to add to your e-signing package with just a couple of clicks.
5. You'll be cc'ed on the confirmation email to your client.
6. Track the status of your referral from the deals table
FAQ's
(Click the arrow to read the answer)
Is Prospr pre-underwritten?
Is Prospr pre-underwritten?
Yes! This means underwriting happens before the policy goes into force.
Are there any specific things I need to say to gain consent?
Are there any specific things I need to say to gain consent?
A Sun Life Advisor will reach out to you, are you okay with that?
Can both Prospr and MPP be offered?
Can both Prospr and MPP be offered?
Yes! Both can be offered, but only the policy that goes into force will lead to payment.
From a compliance stand-point, are there any steps I need to take?
From a compliance stand-point, are there any steps I need to take?
In your "Required documents" in the "Compliance" section, you will see "Prospr i insurance referral documents added to your list. The signed document will be for your compliance records. There is no need to send the form in to SunLife.
How do I disable sending a lead to Prospr if the borrower opts out?
How do I disable sending a lead to Prospr if the borrower opts out?
You simply don't click the Prospr box when completing your funding docs in Finmo.
I've left my brokerage, can I still send leads to Prospr?
I've left my brokerage, can I still send leads to Prospr?
You can send leads to Prospr as long as you or your current brokerage has a contract with Sun Life.
How can I check the status of my Prospr leads?
How can I check the status of my Prospr leads?
Sun Life will be managing the status of leads through the full sales cycle. They'll make this information available by sharing a link to the information with the Broker Owner.
How will I get paid for Prospr referrals that lead to policies?
How will I get paid for Prospr referrals that lead to policies?
Sun Life will pay the Broker Owner who will distribute it to the respective Broker. This will be done in the month after the policy goes into force.
What is the phone number Sun Life will call from so my client's know it's not a spam call?
What is the phone number Sun Life will call from so my client's know it's not a spam call?
tel:1-888-444-9983. Please note this is a client facing phone number to be used to connect with an advisor at Sun Life
How do I cancel a referral to Prospr?
How do I cancel a referral to Prospr?
If you wish to cancel a referral to Prospr by Sun Life you will need to email support@finmo.ca. In the subject line state, Finmo application ID; (Example: ABCD-F012323) and the client first and last name. The body of the email should include the note to cancel the referral.
Also, your client can reply to any message from Prospr by Sun Life requesting the referral to be cancelled.
How much will I earn selling Prospr?
How much will I earn selling Prospr?
Up to $850 on the first policy placed for each client. With activation rates as high as 30%, offering Prospr can be incredibly lucrative for brokers. You can however earn more! If you refer both a borrower and a co-borrower and they both get a policy you can get paid for BOTH. You could earn $1,700 per application!
Please feel free to click on the chat button should you have any questions.